The 24th Meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO) is set to take place in Astana, Kazakhstan on July 3-4, 2024. This pivotal summit comes at a time when developing nations across Eurasia are intensifying efforts to collaborate on pressing global issues such as escalating security tensions, rising protectionism, and the competitive landscape of high-tech industries.
Focus on Economic Cooperation
The challenges faced by these nations underscore the need for enhanced economic cooperation among SCO members. Key areas of focus include trade facilitation, financial sector collaboration, investment flow optimization, and the coordination of labor migration. By strengthening ties in these sectors, SCO countries aim to foster regional stability and prosperity.
Expanding Membership and Influence
With a growing number of developing economies joining its ranks, the SCO is poised to become a leading platform for South-South integration in Eurasia. The organization has expanded significantly in recent years, welcoming India and Pakistan as full members in 2017, and Iran in 2023. Belarus is also on the cusp of joining, with potential approval at the upcoming summit in Kazakhstan.
In addition to its full members, the SCO has broadened engagement with other nations through its dialogue partner program. Recent additions include Bahrain, Saudi Arabia, and the United Arab Emirates, reflecting the organization’s increasing influence and appeal among Middle Eastern economies.
Synergy with BRICS Initiatives
This expansion parallels developments within the BRICS group, which has also grown to include countries like the UAE and Iran. The concurrent growth of SCO and BRICS opens avenues for enhanced cooperation between the two organizations. Russia’s current presidency of BRICS advocates for greater integration among the Eurasian Economic Union (EAEU), SCO, and BRICS, fostering a more unified approach to regional challenges.
Toward a Unified Eurasian Platform
Looking ahead, there is potential for the SCO to establish a collaborative platform encompassing major regional blocs within the developing world. By engaging with organizations such as the Gulf Cooperation Council, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, and the Association of Southeast Asian Nations, the SCO could spearhead efforts to liberalize trade and deepen economic ties across Eurasia.
Such an initiative would serve as a key framework for advancing “integration of integrations,” promoting South-South cooperation, and supporting the collective growth of developing economies in the region.
Reference(s):
SCO to drive economic cooperation of developing countries in Eurasia
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